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With an aim to boost exports and create high-value jobs, the government on Tuesday launched a new scheme which would provide up to Rs 50 lakh as financial assistance to startups and individuals engaged in technical textiles development. The scheme, titled GREAT (grant for research and entrepreneurship across aspiring innovators in technical textiles), will be implemented through incubators, including Indian Institute of Technology (IIT), National Institute of Technology (NITs), textiles research associations and centres of excellences. The scheme is aimed at supporting 100-150 startups. “We are going to support up to Rs 50 lakh in the form of grant-in-aid for up to 18 months without any royalties or equity. Only a minimum of 10% contribution has to be made by the incubatee,” Rajeev Saxena, joint secretary, ministry of textiles, said. The incorporation date of the startup must be less than 5 years, he said. The scheme focuses on supporting individuals and companies to translate prototypes to technologies and products, including commercialisation. The grant will focus on sub-sectors of technical textiles, including agro-textiles, building textiles, geo textiles, home textiles, medical textiles, mobile textiles, packaging textiles, protective textiles and sports textiles. The scheme will be commensurate with the National Technical Textiles Mission, and an online portal will be developed to invite applications within the next two weeks. To incentivise the incubators, the textile ministry will additionally provide 10% of total grant-in-aid, according to an official release. It said the scheme would give a thrust on the development of the technical textiles startup ecosystem, especially niche segments, including bio-degradable and sustainable textiles, high-performance and specialty fibres and smart textiles. Institutes to be provided financial allocation under the scheme include IIT Delhi, NIT Jalandhar, NIT Durgapur, NIT Karnataka, National Institute of Fashion Technology, Mumbai, Institute of Chemical Technology, Mumbai, Anna University, PSG College of Technology and Amity University. The scheme is aimed at promoting innovation in the niche technical textiles segment, which has the potential to create high-value jobs and boost exports. Initially, a memorandum of understanding will be signed between selected startups and the incubator on the ownership of the intellectual property to be generated. Meanwhile, the textiles ministry gave a nod to 26 institutes for upgrading their training and laboratory infrastructure for development and introduction of technical textile courses and degree programme. It approved Rs 151 crore for these institutes. Of that, `105 crore would be allocated to the public sector institutes and Rs 45 crore will be given to privately owned institutions. On the quality and regulation aspect of technical textiles, the ministry has already notified two quality control operation systems (QCOs) for 31 technical textiles products, including 19 geotextiles and 12 protective textiles, which will be effective from October 7, 2023. In addition, QCOs for 28 products, including 22 agrotextiles and six medical textiles, are also likely to be issued in September 2023, Saxena noted.
Source: Financial express
The government on Tuesday said it will provide a grant-in-aid of up to Rs 50 lakh for startups and individuals to promote innovation in the niche technical textiles segment. The Startup Guidelines for Technical Textiles - Grant for Research and Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT) providing grant-in-aid of up to Rs 50 lakh for up to a period of 18 months has been approved, Rajeev Saxena, Joint Secretary, Ministry of Textiles, said. With a strong emphasis on developing the Startup Ecosystem in Technical Textiles, the guidelines focus on supporting individuals and companies to translate prototypes to technologies & products, including commercialisation, he told reporters here on the important developments in the National Technical Textiles Mission (NTTM).
Source: Millennium post
The Ministry of Textiles has approved the Startup Guidelines for Technical Textiles - Grant for Research and Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT) providing grant-in-aid upto INR 50 Lakhs for upto a period of 18 months, informed Shri Rajeev Saxena, Joint Secretary Textiles during a press conference held here today on the important developments in the National Technical Textiles Mission (NTTM). With a strong emphasis on developing the Startup Ecosystem in Technical Textiles, the guidelines focus on supporting individuals and companies to translate prototype to technologies & products including commercialization. The GREAT Guidelines provides thrust in Technical Textiles’ application areas including Agro-textiles, Building-textiles, Geo-textiles, Home-textiles, Medical-textiles, Mobile-textiles, Packaging- textiles, Protective-textiles, Sports-textiles; Development of High-performance fibres and composites; Sustainable and Recyclable Textile materials; Smart Textiles using Artificial Intelligence, Internet of Things, 3D/4D Printing, and Rapid Prototyping; and Development of indigenous Machinery/Equipment/Instruments, among others. To incentivize the incubators, Ministry to additionally provide 10% of total grant-in-aid to incubators. To strengthen authenticity and commitment towards the project, a minimum investment of 10% of the funding from the incubatee in two equal installments is mandated. The Startup Guidelines (GREAT) to provide much needed impetus for the development of technical textiles startup ecosystem in India, especially in niche sub-segments such as Bio-degradable and Sustainable textiles, High-performance & Specialty fibres, Smart textiles, among others. Ministry also gave the nod to 26 institutes for upgrading their laboratory infrastructure and training of trainers in the application areas of technical textiles. Ministry has approved the applications of 26 institutions for development and introduction of technical textile courses/ papers in the key departments/specializationsas well as introducing new degree programme in technical textiles. Total value of INR 151.02 Crores was approved wherein 15 applications valuing INR 105.55 Crores are from Public Institutes and 11 applications valuing INR 45.47 Crores are from Private Institutes. Some of the premier institutes to be funded under the scheme include IIT Delhi, NIT Jalandhar, NIT Durgapur, NIT Karnataka, NIFT Mumbai, ICT Mumbai, Anna University, PSG College of Technology, Amity University,among others. Notably, majority of the funding to be provided for upgradation of existing courses including Departments related to Textile Technology & Fibre Sciences to upgrade courses in all application areas of technical textiles including specialty fibres; Departments related to Design/Civil Engineering to upgrade courses in Geotextiles & Building textiles; Departments related to Fashion Technology/Design to upgrade courses in Smart Textiles, Protective Textiles, Sports Textiles, Home Textiles, Cloth Textiles; Department of Mechanical Engineering to upgrade courses in Mobile Textile, Industrial Textiles; and a New Degree Programme in Technical Textiles with predominant emphasis on all application areas of Technical Textiles. In addition, Ministry to re-open the Guidelines for Enabling of Academic Institutes in Technical Textiles’ Education in India (Round II) under NTTM with relatively eased parameters and wider coverage including NBA score of 750 and above, NAAC rating of A+/3.26 or above or top 200 NIRF ranked institutes as eligible private institutes under the Education Guidelines 2.0. The guidelines have been inprincipally approved and target the inclusion of new courses/papers in the curriculum of academic year 2025-26. On the quality and regulation aspect of technical textiles, Ministry already notified 02 QCOs for 31 Technical Textiles products including 19 Geotextiles and 12 Protective Textiles, which will come ineffect from 7 October 2023 onwards. Besides, QCOs for 28 products including 22 Agrotextiles and 06 Medical Textiles are also in the final stages of issuance and likely to be issued in September 2023. Furthermore, additional 28 items are also considered for QCOs including Building textiles, Industrial textiles, Ropes & Cordages, among other. To cover the comprehensive impact of the QCOs on the economy, industry and society at large, Ministry is proactively conducting multiple stakeholder consultations with Industries.
Source: PIB
Interrupting a two-month streak of decline, outward foreign direct investment (FDI) rose sequentially to $1.85 billion in July over $1.07 billion in June, an increase of 73 per cent. However, it was lower than the $2.18 billion in July last year, according to the Reserve Bank of India data.Outbound FDI, expressed as financial commitment, has three components —equity, loans, and guarantees. The commitments (under outward FDI) stood at $1.29 billion in May. Outward FDI was $2.52 billion in April, the RBI data showed. However, bankers said it was too early to come to a conclusion about changes in trends of decline seen through this calendar year. The slowdown in global economic and business activities, especially in developed markets, has impacted direct investment flows, both inbound and outbound. Showing the effect of global slowdown, net FDI in India declined sharply to $4.99 billion in the April-June quarter (Q1FY4) from $13.92 billion in the same period a year ago. The moderation in gross inward FDI, coupled with a rise in the repatriation of investment from India, resulted in a decline in net FDI.Madan Sabnavis, chief economist, Bank of Baroda, said while it would be premature to call the rise in outbound FDI a change in trend, Indian businesses were trying to go beyond the domestic market, where the scope for private investment had been limited. Opportunities are opening up in developed markets and valuations are better for making investments in subsidiaries, joint ventures, and new investments.Getting into the components of outbound FDI, the RBI data showed the equity commitment declined to $442 million in July from $488 million in June. It was lower than the $629 million in July 2022. The debt commitment rose to $605 million in July from $255 million in June. However, it was over three times over the $180 million in July 2022.The guarantees for overseas units grew to $806 million in July from $329 million in June. However, they were much lower than the $1.37 billion in July 2022.Key deals in July included a debt support by Tata Steel of about $361 million provided to Singapore-based ABJI Investment PTE Co Ltd, followed by Tata Chemicals’ guarantees of $160 million to its Singapore-based unit Tata Chemicals International.
Source: Business-standard
INTERNATIONAL
A report Coated Fabrics Market, By material type, By application By region- Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030 by ResearchAndMarkets.com claims that the global coated fabrics market is poised for substantial growth, projected to surge from US US $ 21.6 billion in 2022 to an estimated US $ 29.79 billion in 2030, registering a notable CAGR of 4.1 per cent. Enhancing safety and sustainability, coated fabrics, treated with polymers and rubber, offer a range of benefits including water-resistance, UV-resistance, and resistance to dirt and oil. These fabrics excel in durability, weather-resistance, and corrosion-resistance, making them integral in sectors like protective clothing, furniture, roofing, and various industrial applications. The robust growth of this product category can be attributed to the heightened focus on safety measures and stringent industry regulations, particularly in sectors like automotive, chemicals, and oil & gas. The rising demand for eco-friendly materials has further propelled the coated fabrics market. These fabrics present a sustainable alternative, being produced from diverse materials such as natural fibres (cotton, hemp) and recycled materials (plastic bottles). The market is also set to benefit from the growing demand for fabrics with water resistance and high flame properties. This trend is expected to amplify the use of coated fabrics in various applications during the forecast period. Saint Gobain S.A, Bayer AG, PPG Industries, Akzonobel N.V, 3M Company, Valspar Corporation, E.I. du Pont de Nemours and Company, BASF SE Paints, Nippon Paints, Sherwin Williams are some of the leading companies in this segment.
Source: Apparel Resources
China's premier warned U.S. officials Tuesday that moves to "politicise" trade issues would prove "disastrous" for the global economy, state media reported. U.S. Commerce Secretary Gina Raimondo is currently on a four-day bridge-building visit to China aimed at better managing tensions between the world's two largest economies. But a meeting with Premier Li Qiang Tuesday saw the top official lay into American trade curbs against Beijing, which Washington insists are necessary for its national security but China says are meant to clip its economic rise. "Politicizing economic and trade issues and overstretching the concept of security will... seriously affect bilateral relations and mutual trust," he told Ms. Raimondo, according to China's official Xinhua news agency. They "also undermine the interests of enterprises and people of the two countries, and will have a disastrous impact on the global economy", he added. Relations between the two countries have plummeted to some of their lowest levels in decades, with U.S. trade curbs near the top of the list of disagreements. This month, Mr. Biden issued an executive order aimed at restricting certain U.S. investments in sensitive high-tech areas in China — a move Beijing blasted as being "anti-globalisation". The long-anticipated rules, expected to be implemented next year, target sectors such as semiconductors and artificial intelligence. Premier Li on Tuesday urged the United States to change tack, saying "the two sides should strengthen mutually beneficial cooperation, reduce friction and confrontation, and jointly promote world economic recovery and cope with global challenges". While Mr. Li used their meeting to condemn U.S. policy, Ms. Raimondo stressed the importance of open communication. Pointing to areas of "global concern" like climate change, artificial intelligence and fentanyl addiction, she told Li that Washington wants to "work with you as two global powers to do what is right for all of humanity". "The world is expecting us to step up together to solve these problems," she said. Ms. Raimondo also reiterated the U.S. position that it is not seeking to decouple its economy from China's. "We seek to maintain our $700 billion commercial relationship with China," she said. In a readout of the meeting, the U.S. Department of Commerce said Ms. Raimondo had "underscored the U.S. commitment to taking actions necessary to U.S. national security," as well as "ensuring fair and transparent treatment of U.S. companies, and creating a level playing field for U.S. workers and businesses". And in an earlier meeting on Tuesday with Vice Premier He Lifeng, she described the U.S.-China commercial relationship as "one of the most consequential" in the world. "Managing that relationship responsibly is critical to both of our nations and indeed to the whole world," she said during a part of the meeting open to journalists. She also raised what Washington sees as unfair trade practices by Beijing, according to a Department of Commerce readout, while emphasising the "importance of strengthening the protection of trade secrets for U.S. businesses operating in China". But, she added, that Washington did not seek "to hold China's economy back". Ms. Raimondo will be in China's economic powerhouse Shanghai on Wednesday, where she will have meetings with local officials before leaving the country. The commerce secretary is one of a number of senior U.S. officials to visit China in recent months — part of an effort by Washington to improve its working relationship with its largest strategic rival. She has used the trip to seek more open discussions with the Chinese over restrictive trade curbs. On Monday, she and Commerce Minister Wang Wentao agreed to set up a working group to iron out the laundry list of trade disputes between them. They also agreed to establish what Washington called an "export control enforcement information exchange" — described as a platform to "reduce misunderstanding of U.S. national security policies". Beijing has throughout the trip painted a less rosy picture than the United States, saying Mr. Wang had raised "serious concerns" over Washington's trade curbs. Those included "U.S. Section 301 tariffs on Chinese goods, its semiconductor policies, restrictions of two-way investment, discriminatory subsidies, and sanctions on Chinese enterprises", Beijing's commerce ministry said. Washington defends the policies as necessary to "de-risk" its supply chains. But Mr. Wang warned they "run counter to market rules and the principle of fair competition, and will only harm the security and stability of the global industrial and supply chains".
Source: The Hindu
Dhaka and Colombo are set to exchange revised lists of requested products by September to sign a proposed preferential trade agreement (PTA) shortly, with the aim of boosting bilateral trade between Bangladesh and Sri Lanka. To this effect, the 4th Trade Negotiation Committee (TNC) is likely to convene in October to address the issue of the agreed-upon work plan from the last meeting between the two nations in May this year. Both countries are expected to offer lists of products that are supposed to be finalised in the TNC meeting, according to a source. The Bangladesh Trade and Tariff Commission (BTTC) is preparing the revised list of requested products for the Bangladesh side. After receiving the list, the commerce ministry will conduct internal consultations on it. Under the proposed deal, both countries previously exchanged lists of requested products, each consisting of more than 100 items, seeking duty-free access to each other's markets. Due to political turmoil in Sri Lanka and the spread of the Covid-19 virus, primary negotiations on the proposed deal were postponed. After the prolonged pause, the Lankan High Commission in Dhaka proposed a discussion on the current status and the way forward in April. The PTA negotiations between Bangladesh and Sri Lanka have already resumed. The commerce ministry formed the high-powered Trade Negotiation Committee to advance these efforts, said an official familiar with the developments. The additional secretary (FTA) at the commerce ministry has been appointed as the chief negotiator of the committee. The official said the initial negotiations on the proposed deal were delayed by months of political turmoil in Sri Lanka. The 12-member committee has been coordinating with the Sri Lankan side to continue the negotiations. Meanwhile, economists have advocated the signing of PTAs and FTAs (free trade agreements) with different countries to address the challenges Bangladesh will face when it graduates to the next level. They said that preferential trade deals would help boost Bangladesh's exports. Another high-ranking official at the commerce ministry said, "We need to sign several PTAs and FTAs before Bangladesh's graduation in order to reap the benefits of the least-developed country category…" After graduation, he added, Bangladesh would lose various tariff-related benefits that it currently enjoys as a least-developed country (LDC). In 2017, both Dhaka and Colombo completed the necessary preparations to sign an FTA, but the effort did not come to fruition due to internal issues. "We are currently in the process of initiating talks with two dozen countries, including the US and Canada, to sign PTAs and help boost the country's export earnings," said an official from the FTA wing of commerce ministry. Currently, the priority is to sign PTAs, the official said, adding, "Signing an FTA deal is very challenging." Some issues, including revenue losses, are associated with FTAs, as all products from both countries under FTAs enjoy a duty-free facility. In March 2021, Bangladesh and Sri Lanka signed six memorandums of understanding (MoUs) to increase bilateral cooperation between the two nations. Bangladesh signed a PTA with Bhutan on 6 December 2020, the first of its kind since the country's independence in 1971. However, the country is a member of several multilateral trade blocs. The two multilateral FTAs that Bangladesh has signed so far are the South Asia Free Trade Area (SAFTA) agreement and the BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) FTA.
Source: The financial express
Korea and Bangladesh are currently discussing the negations of bilateral Economic Partnership Agreement, said Park Young-sik, ambassador of the Republic of Korea in Dhaka on Tuesday. The EPA, if reached, will greatly increase bilateral trade in the mutually beneficial ways, the envoy said while addressing a seminar titled Korea-Bangladesh Economic Cooperation: Sharing Development Experience and Exploring Opportunities. He said bilateral economic relations have flourished over the years benefiting both economies. “Firstly, two-way trade surpassed 3 billion dollars last year. Secondly, Korea’s investment in Bangladesh is the fifth largest in terms of accumulated amount” he added. Shahriar Alam, state minister for foreign affairs and Zunaid Ahmed Palak, state minister for ICT Division, were also present in the seminar. “As we all know, Korea has been with Bangladesh from the very beginning of the growth and prosperity of Bangladesh’s RMG industry,” Mr Park said reminding that Desh Garments, the first RMG factory of Bangladesh started its journey in collaboration with Korean company Daewoo Corporation in 1979. “The first country-specific private Export Processing Zone, KEPZ, established in Chattogram has been a symbol of Korea-Bangladesh business ties”. “The remarkable development of economic relations between our two countries has been made possible by the efforts of businessmen from both countries”. He said as Bangladesh is marching towards graduation from the LDC status in 2026 and towards Smart Bangladesh as a developed country by 2040, both these journeys offer great opportunities and challenges simultaneously. “The outlook for Bangladesh’s economy is very positive. According to the latest report of World Economics, published in June 2023, Bangladesh has the fastest growing economy in the Asia-Pacific region out of 32 countries”. He said that LDC graduation will give a positive signal to the international business community, making it easier to attract foreign capital needed for Bangladesh’s infrastructure development. “Korea wishes to become an important partner in Bangladesh’s infrastructure development as we have done in the past in the RMG industry,” he said. He hoped that the projects of Meghna Bridge Project on the Bhulta-Araihazar-Bancharampur Road (R-203) and Supplying of Treated Water from Meghna River to Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN), ‘which are being discussed through the mechanism of Joint PPP Platform Meeting, will make rapid progress. These two projects can become a litmus test for Korean companies to consider further investment’.
Source: The Financial express
Biman sees huge potential on direct air connectivity between Bangladesh and Japan as the national flag carrier is set to resume its Dhaka-Narita flight on September 1. "Dhaka-Narita could be a promising route for Biman Bangladesh Airlines in terms of providing long-term stable and competitive service in the market," said Shafiul Azim, Managing Director and CEO of Biman Bangladesh, on Monday. He made the remark at a meeting with a delegation of the Japan External Trade Organisation (JETRO) at Biman head office on the occasion of inaugurating the Dhaka-Narita flight. Azim said that he is hopeful to resume the route as currently, many Japanese companies have been extending their business here while number of Bangladeshi students are enrolling in different Japanese universities. According to the Ministry of Justice, Japan, till 2022, there were 20,954 Bangladeshis living in Japan. "Besides Bangladesh, there are about 41,000 Indians, and 1.40 lakh Nepalese nationals living in Japan. So, passengers from India and Nepal can fly to and from Japan via Dhaka," Biman's chief said. He apprised the Japanese delegation that they never compromise with the safety and security standards as the airline complies with all International Air Transport Association (IATA) and IATA Operational Safety Audit (IOSA). "Biman successfully completed international accreditation for the 9th IOSA-IATA operational safety audit," he said. Biman's marketing general manager Mohammed Salahuddin, said that they are eager to sign deal with Japanese companies and businesses to offer special packages. Biman will operate weekly three flights with Dreamliner 787-8 and 787-9 aircraft. The flight will depart from Dhaka every Friday, Monday and Wednesday and from Narita every Saturday, Tuesday and Thursday. Currently, the national flag carrier is negotiating with Airbus, to purchase 10 brand-new planes from the European aircraft manufacturer. At present, Biman has a total of 21 aircraft in its fleet, of these, four are Boeing 777-300 ER, four are Boeing 787-8, two are Boeing 787-9, six are Boeing 737 and five are Dash 8-400 aircraft.
Source: The Financial express
Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI) on Monday organized its third quarterly luncheon meeting of 2023 at its Gulshan office in Dhaka. Abdoulaye Seck, country director for Bangladesh and Bhutan, the World Bank (WB), attended the programme as chief guest, says a press release. In his welcome remarks, the MCCI President Md. Saiful Islam praised the WB as a major contributor to the development of business and commerce in Bangladesh. As the oldest trade chamber of the country, MCC also stood as a pillar of strength in Bangladesh's trade and commerce arena. He believed that converging the efforts of MCCI and the WB had the potential to elevate Bangladesh's business landscape to new heights. Saiful Islam hoped to explore collaboration opportunities with the WB in the areas of developing business climate index (which MCCI had already started doing with its BBX report) and climate change. Abdoulaye Seck praised Bangladesh for having come a long way since independence. However, catering to the two million annual job entrants amid the latest geopolitical considerations and climate change required adaptations. The chief guest considered LDC-graduation and economic diversification to be among the top challenges Bangladesh had to face and prepare for in the near future. Also, Bangladesh's export as a percentage of GDP was very low, even when compared to other competing exporting nations. Navigating these would require constant dialogues among the public and the private sectors along with multilateral organizations, he stated. Seck highlighted improving the business environment for the private sector, transcending financial obligations to support long-term growth, and improving the effectiveness of public institutions as WB's priorities for Bangladesh. He also reaffirmed the WB's commitment to Bangladesh's development and its openness to partnerships in the future. Other topics that came up during the discussion include the need for skill development, a reassessment and rearrangement of the entire education system, overcoming the export bias of incentive polices, the need to have a renewed focus on agriculture, the need for more losses to be covered by insurance, and the latest National Tariff Policy 2023. The event ended with a vote of thanks from the MCCI Vice-President, Habibullah N. Karim. Among others, representatives from various member firms of MCCI and the media attended the event, the press release adds.
Source: The Financial express
